Allianz Q1 Net Profit Surges 24%

Germany's Allianz SE AZSEY reported around 24% rise in its net profit for the first quarter. Allianz's quarterly net profit surged to about EUR1.7 billion, versus EUR1.37 billion, in the year-ago quarter. However, analysts were expecting a profit of EUR1.41 billion. Its operating profit climbed to around EUR2.8 billion from EUR2.33 billion, while total revenue jumped to EUR32 billion from EUR30.05 billion. Allianz shares closed at $14.67 yesterday.